topic Re: Huge discrepency between my transunion score here and one pulled by lender? in Credit Cards

Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Sat, 12 May 2012 23:23:03 GMT

I just finally got my decline letter for the one card I've applied for since my collection fell off my reports. It shows that as of the date they pulled my credit my transunion score was a 588 (says fico next to it), but I pulled my credit the same date here and my credit score for transunion at 650. Heck, that's almost a 70 point difference! Comparing that one to my very first decline letter, I've actually lost 20 points on my transunion since starting to rebuild.

I had applied to this lender before, is there any chance they just put my old credit score on their from last time they pulled? But, it shows the date as of the date I applied..

Is the transunion here really that far off from the fico lenders pull?

Re: Huge discrepency between my transunion score here and one pulled by lender?

visorboy1974 — Sun, 13 May 2012 00:56:24 GMT

This score is TU98. Lenders likely used TU04 or TU08. There can be a huge difference in scores.

My TU98 is 727

TU04 is 741

TU08 is 680

Re: Huge discrepency between my transunion score here and one pulled by lender?

pizzadude — Sun, 13 May 2012 00:56:26 GMT

@Anonymous wrote:
I just finally got my decline letter for the one card I've applied for since my collection fell off my reports. It shows that as of the date they pulled my credit my transunion score was a 588 (says fico next to it), but I pulled my credit the same date here and my credit score for transunion at 650. Heck, that's almost a 70 point difference! Comparing that one to my very first decline letter, I've actually lost 20 points on my transunion since starting to rebuild.

I had applied to this lender before, is there any chance they just put my old credit score on their from last time they pulled? But, it shows the date as of the date I applied..

Is the transunion here really that far off from the fico lenders pull?

The TU score sold here is TU98. Some creditors still use it ~ others pull the more recent TU04 or even TU08. Very likely your creditor pulled the newer model. Some people have reported large differences between these versions of FICO.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Sun, 13 May 2012 01:06:48 GMT

That's too bad then.. My score was better before I opened any accounts and got the collections deleted. Tu08 sucks.. lol

Re: Huge discrepency between my transunion score here and one pulled by lender?

mxp114 — Sun, 13 May 2012 02:06:11 GMT

Why doesn't myFICO offer both versions? That way we can see the different scoring systems.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Revelate — Sun, 13 May 2012 14:26:15 GMT

@mxp114 wrote:
Why doesn't myFICO offer both versions? That way we can see the different scoring systems.

Undoubtably contractual reasons. It's unfortunate to the point of suspect, and honestly I don't pull my TU score here at all as I think the EQ one has substantially more value. Contrary to PD's point, I don't know any lenders who are still using the FICO '98 model... I'd be curious if he or anyone knows anyone who is still actually using it.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Repo-ed — Sun, 13 May 2012 14:26:28 GMT

Now that I will begin seeing a TU score via Wal-mart, should I cancel my quarterly TU CR/FICO score update from here, given that the score is not used?

Re: Huge discrepency between my transunion score here and one pulled by lender?

LS2982 — Sun, 13 May 2012 14:59:55 GMT

TU98 is pretty much considered outdated, some lenders use it, not enough IMO to track the score if you have access to TU08 via Walmart.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Sun, 13 May 2012 16:46:02 GMT

I'm just confused I guess, because I had applied to the same lender before I started rebuilding. I have the old letter which shows my TU score as 608 from that lender. That was before I had any cards reporting, it was when I had two collections and a few lates. Now I've had cards reporting for 2 months, good utilization, authorized user on a 2 year old account that's never been late, I got my lates deleted, I got my collections deleted and now my score is 20 points lower.. There's been nothing but improvement since the last time they pulled.

I really need to read about what's weighted differently on it I guess.. OR, quit worrying about it, keep doing things that will improve my score over time and ignore it.. lol

The only negative change is inquiries and new accounts. I guess those must be given a very heavy weighting on TU 08.

Re: Huge discrepency between my transunion score here and one pulled by lender?

GregB — Sun, 13 May 2012 17:03:50 GMT

Since the OP stated that the TU FICO was for a CC, it is likely that the score was for a CC Industry FICO. This is a score that is more weighted for CC experience and there is a CC Industry Option for TU FICO 95, 98, 04, and 08.

With a difference of 70 points, it is likely to be BOTH a different base FICO version AND the CC Industry Option for that FICO.

Edited to add: I believed the OP statement of "almost 70 points" - it is actually 62 points. Still a bit high to be JUST the difference in CC Industry option.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Repo-ed — Mon, 14 May 2012 10:57:32 GMT

@LS2982 wrote:
TU98 is pretty much considered outdated, some lenders use it, not enough IMO to track the score if you have access to TU08 via Walmart.

You're the man, sir.

Thank you

Re: Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Mon, 14 May 2012 12:56:09 GMT

Jenniferfl

I believe I read in another post of yours that your are an authorized user on some of your cards. The old Scoring model considers this into your score and the new scoring models doesn't. Chances are that is the reason your seeing such a big difference in the numbers.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Revelate — Mon, 14 May 2012 13:25:59 GMT

@Anonymous wrote:
I'm just confused I guess, because I had applied to the same lender before I started rebuilding. I have the old letter which shows my TU score as 608 from that lender. That was before I had any cards reporting, it was when I had two collections and a few lates. Now I've had cards reporting for 2 months, good utilization, authorized user on a 2 year old account that's never been late, I got my lates deleted, I got my collections deleted and now my score is 20 points lower.. There's been nothing but improvement since the last time they pulled.

I really need to read about what's weighted differently on it I guess.. OR, quit worrying about it, keep doing things that will improve my score over time and ignore it.. lol

The only negative change is inquiries and new accounts. I guess those must be given a very heavy weighting on TU 08.

^^ That in the highlighted blue.

+1 to everything GregB said.

You're making the right steps, but it's not a linear increase for everyone at all times. Your accounts are still fresh, as are the inquiries, the AU may or may not have been counted (Cesar: it's back in the default '08 FICO algorithms, that got switched after it was considered a detrimental change to the people AU's were designed originally for... but I'd be pretty surprised if there weren't an industry standard option for discounting AU's if requested), and if you got a rash of derogs deleted, there's a non-zero chance you got rebucketed as well... that can produce a temporary drop in your credit scores; however, longer-term it's absolutely a good thing.

Don't sweat it, in six months to a year you'll have seen a likely substantial increase in your scores. You don't get many instant in time positive changes to your FICO other than the revolving utilization metrics, or if you happen to be a thin/thinnish file (you aren't from your description) where adding tradelines can get you immediate bumps.... or possibly a derog getting removed.

You're building this house of cards for the long term, and you have to keep that in perspective. There's no instant gratification for increasing FICO, the process is still very old school and arguably has moved in the opposite direction of the rest of our society as gone in the past decade on that front. It just has to be sucked up.

Re: Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Mon, 14 May 2012 15:59:44 GMT

@Revelate wrote:
@Anonymous wrote:
I'm just confused I guess, because I had applied to the same lender before I started rebuilding. I have the old letter which shows my TU score as 608 from that lender. That was before I had any cards reporting, it was when I had two collections and a few lates. Now I've had cards reporting for 2 months, good utilization, authorized user on a 2 year old account that's never been late, I got my lates deleted, I got my collections deleted and now my score is 20 points lower.. There's been nothing but improvement since the last time they pulled.

I really need to read about what's weighted differently on it I guess.. OR, quit worrying about it, keep doing things that will improve my score over time and ignore it.. lol

The only negative change is inquiries and new accounts. I guess those must be given a very heavy weighting on TU 08.
^^ That in the highlighted blue.

+1 to everything GregB said.

You're making the right steps, but it's not a linear increase for everyone at all times. Your accounts are still fresh, as are the inquiries, the AU may or may not have been counted (Cesar: it's back in the default '08 FICO algorithms, that got switched after it was considered a detrimental change to the people AU's were designed originally for... but I'd be pretty surprised if there weren't an industry standard option for discounting AU's if requested), and if you got a rash of derogs deleted, there's a non-zero chance you got rebucketed as well... that can produce a temporary drop in your credit scores; however, longer-term it's absolutely a good thing.

Don't sweat it, in six months to a year you'll have seen a likely substantial increase in your scores. You don't get many instant in time positive changes to your FICO other than the revolving utilization metrics, or if you happen to be a thin/thinnish file (you aren't from your description) where adding tradelines can get you immediate bumps.... or possibly a derog getting removed.

You're building this house of cards for the long term, and you have to keep that in perspective. There's no instant gratification for increasing FICO, the process is still very old school and arguably has moved in the opposite direction of the rest of our society as gone in the past decade on that front. It just has to be sucked up.

And a +1 to everything said here!

Re: Huge discrepency between my transunion score here and one pulled by lender?

Anonymous — Mon, 14 May 2012 16:00:46 GMT

Thank you for the ideas.. I think I'm just going to have to ignore transunion for the time being since it's veritably useless. It's just crazy to me to have a 50 point gain on one version of transunion and a 20 something point loss on the other.. lol

Oh well, maybe it will look better in a year or so. At least now I know not to bother pulling the score here for Transunion, the CreditKarma fako has as much likelihood of being accurate and at least it's free. I hope Equifax is closer to my actual score pulled by a lender..